SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 10, 2003
GSE Systems, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-26494 52-1868008
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
9189 Red Branch Road, Columbia, MD 21045
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (410) 772-3500
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(Former name or former address, if changed since last report)
Item 5. Other Events
http://www.gses.com
AT THE COMPANY AT FRB/WEBER SHANDWICK
Gill R. Grady Marilynn Meek Susan Garland
Senior Vice President (general info) (analyst info)
410-772-3500 212-445-8451 212-445-8458
FOR IMMEDIATE RELEASE
GSE Systems Announces Contract Awards
Totaling Over $7.5 Million
Columbia, Maryland August 13, 2003 - GSE Systems, Inc. (GSE) (AMEX:GVP), a
leading global provider of real-time simulation and process control solutions
for the energy and process industries, announced today the receipt of several
new contracts for power plant simulators. The total value of these contracts
exceeds $5.5 million. These contracts, along with over $2 million of process
automation orders received in July, increase the Company's backlog to just over
$41 million.
The largest order is for a nuclear plant in Asia, and represents the second
major contract from this customer this year. The Company also received a
contract from the Tennessee Valley Authority (TVA) to build a simulator for the
Browns Ferry Nuclear Plant Unit 3. The project includes assisting TVA in
modifying the existing simulator software as well as building new panels to
simulate the Unit 3 control room.
In addition, GSE received some small orders for engineering services in the
nuclear plant security market, which it believes is a precursor to additional
activity in this emerging market.
GSE President and Chief Operating Officer, Jerry Jen, said: "The Power
Simulation business continues to win new projects both domestically and
overseas. We anticipate strong performance from the nuclear segment of the
business as plants continue to invest in modernization and life extension
activities. Those awards will be turning into revenue and we expect continued
profitable performance from our Power Simulation business."
Contact Gill Grady at 410-772-3604.
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GSE Systems, Inc. is a real-time simulation, process control, and automation
company with three decades of experience, over 500 applications, and 200
customers in more than 30 countries. Our software, hardware and integrated
solutions leverage proven technologies to deliver real-world business advantages
to the process and power industries worldwide including specialty chemical, food
and beverage, petroleum refining, pharmaceutical, and fossil and nuclear power
generation. GSE Systems is headquartered in Columbia, Maryland with offices
throughout the United States. Our global locations include offices in Japan and
Sweden. Information about GSE Systems is available via the Internet at
http://www.gses.com.
This news release contains forward-looking statements that involve risks and
uncertainties. The actual future results of GSE Systems may differ materially
due to a number of factors, including but not limited to delays in introduction
of products or enhancements, size and timing of individual orders, rapid
technological changes, market acceptance of new products and competition. These
and other factors are more fully discussed in the Company's annual report on
Form 10-K for the year ended December 31, 2002 as filed with the Securities and
Exchange Commission.